Indian payments technology provider Fino PayTech is reportedly planning to launch mobile wallet or upgrade its existing app called Fino Money into a mobile wallet.
The app is now used by its agents to offer services such as domestic money transfers, bill payments, mobile/DTH recharges and payment of insurance EMIs, reported The Financial Express.
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The company has recently secured an in-principle approval from the Reserve Bank of India (RBI) to set up a payments bank.
The company said that about 50% of domestic remittances happen via its mobile app and would expand this business. The company manages nearly INR25bn of remittances per year with almost five million transactions a year.
Fino PayTech director Rajeev Arora told The Financial Express: "It is our endeavour to be able to provide that service in the near future. In the interim we will continue to offer our services through assisted model."
The company is currently in discussions with nearly 10-15 e-commerce portals for partnerships for its assisted e-commerce operations on its retail platform.
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By GlobalDataFino PayTech has unveiled plans to double the number of its Money Mart outlets from the current figure of 450 to about 900-1,000 in a year. The outlets provide as a convenient way of transferring money for migrant workers.
"The company ventured into retail space almost a year ago during which we have been able to set up the channel of 450 Money marts to provide financial and payments services on the Fino Money retail format," Arora added.
